The deceased, Vineet Jain, was on his way back home on his motorcycle when he was attacked and shot around 9.30 PM yesterday, said a senior police officer.
Police said they were probing all the possible angles, including personal and professional relationships, in the murder case.
The deceased owned a wholesale business of sewing materials.
"We have ruled out robbery as a motive since Vineet's mobile phone and money were found intact. We are investigating whether the murder was the fallout of a business rivalry, family dispute or a love angle," he said.
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"We will be scanning his mobile phone to know the persons he was in touch with. We will be speaking to his wife and brothers to know whether he had any enmity," he said.
Eyewitnesses have told police that they saw a man running away after attacking Vineet.
Police, so far, have taken footages from around 20 CCTV cameras installed in the area and was scanning them to gain clues to the accused.